Google signs its largest-ever acquisition deal to buy cybersecurity firm Wiz for $32 billion | Stock Market News

Google LLC, on Tuesday, March 18, announced that it had signed a definitive agreement to acquire Wiz Inc., a New York-based cybersecurity firm, for $32 billion, according to the official statement.

This acquisition deal marks Google’s largest all-cash acquisition deal to date, as the company aims to include Wiz Inc. in its Google Cloud business. 

“This acquisition represents an investment by Google Cloud to accelerate two large and growing trends in the AI era: improved cloud security and the ability to use multiple clouds (multicloud),” said Google in its official statement.

Google’s parent company, Alphabet Inc., shares were trading 0.07 per cent higher at $164.34 as of the pre-market session at 9:12 a.m. (EDT) on the Nasdaq Composite index, compared to $164.29 at the previous US market close.

“From its earliest days, Google’s strong security focus has made us a leader in keeping people safe online. Today, businesses and governments that run in the cloud are looking for even stronger security solutions, and greater choice in cloud computing providers. Together, Google Cloud and Wiz will turbocharge improved cloud security and the ability to use multiple clouds,” said Sundar Pichai, the Chief Executive Officer (CEO) of Google. 

Wiz after Google’s acquisition

Google aims to use Wiz’s services to protect its entire cloud business from foreign threats and fuel rapid growth using its resources and products.

The collaboration aims to boost the design, operation and automation of the security services while providing an end-to-end security platform for customers amid the rise of artificial intelligence.

“The increased role of AI, and adoption of cloud services, have dramatically changed the security landscape for customers, making cybersecurity increasingly important in defending against emergent risks and protecting national security,” said the Big tech firm.

According to the announcement, Wiz’s products will continue to work and will be available across all major cloud systems, including Amazon Web Services, Microsoft Azure, and Oracle Cloud, even after the acquisition is completed.

According to a Reuters report on Tuesday, in 2024, Google offered $23 billion to Wiz Inc. before antitrust concerns started looming over the big tech firm, delaying the deal.